Florida Property Market
Since the autumn the property market in Orlando has been very weak. The rampant inflation of the previous two years had encouraged many people to buy off-plan property with the intention of "flipping" or selling on as soon as the home was completed. This led to large numbers of homes going on the market at once as building finished at new communities.
Faced with oversupply and the knowledge that sellers would have to discount in order to sell their homes, potential buyers have waited for prices to fall to rock-bottom.
Now, as spring approaches, we are seeing a revival of the market with more enquiries as buyers sense that the market has bottomed out. This article on the American news source Breitbart.com tends to support that view.
Extract: "For the last several months I have been hemming and hawing on whether we have reached bottom," said David Lereah, chief economist for the Realtors. He said that the January report was an encouraging sign that the bottom for sales activity was reached last September with sales expected to stabilize this year.
Resales
We expect that interest will pick up first in the resale market. Many homes have been discounted by as much as $40,000 to try and sell them. Buying low is the first requisite for effective investing!To assist our clients, we have overhauled our resale list and are pleased to offer 90 homes in the Orlando, Kissimmee, Clermont and Davenport areas. Each listing indicates the community or subdivision where the home is located. Most listed homes now also have a link to a Google Maps page showing the location of the home.
Over the next few weeks we will be introducing further innovations to make finding the right property even easier.
Living Florida 28 Feb 2007